back Back

Alba Bank partners with ClearBank to manage payments for SMEs

By Gloria Methri

October 26, 2023

  • Alba Bank
  • Challenger Bank
  • Clearbank
Share

ClearBank, Embedded Banking, Financial Institutions, Fondy, One-stop Payment Platform, Money Flow, e-commerce, IBAN Accounts, GBP Payments Network, Cash Management, Fondy Flow IBAN Accounts, Regulatory, Financial Services, UKScottish challenger Alba Bank has partnered with ClearBank, the enabler of real-time clearing and embedded banking, to manage payments for its customers.

Alba Bank will be leveraging ClearBank and Mambu’s partnership to offer near real-time payments to its customer base and will be accessing these services via a single API integration.

Alba will be able to connect with multiple payment schemes, including Bacs, CHAPS and Faster Payments, all allowing transactions to clear rapidly and over a secure platform.

Alba Bank was established in 2018 to provide commercial finance to UK SMEs which remain underserved by the mainstream banks. Bucking the trend of remote contact centres favoured by the big banks, the neobank is developing a network of regional commercial finance experts with the experience to work alongside SMEs as they grow.

Alba was earlier this year, granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the FCA, allowing it to move into mobilisation, during which time it is currently focusing on building out its team, operations and infrastructure.

Sandeep Kadam, Chief Technology Officer at Alba Bank, said, “Building our bank with industry-leading partners is the best way for Alba to scale quickly, in the knowledge that we’re being supported by the very best in the business. ClearBank has established a superb reputation among financial institutions and will provide us with the speed, agility and security that we need to help our SME customers grow and prosper.”

John Salter, Chief Customer Officer at ClearBank, added, “Just like Alba, ClearBank designed and built its entire IT system from scratch, bolstering competition and innovation in financial services, allowing for more efficient and cost-effective transactions for our customers. We’re delighted to be working with Alba as they prepare to launch and scale in the market.”

The bank recently announced a partnership with Mambu, the SaaS cloud-native lending engine which will enable Alba to build a variety of loan offerings tailored to customer needs.

Previous Article

October 26, 2023

SIDBI & IPPB team to fuel development of informal micro enterprises

Read More
Next Article

October 26, 2023

Coop partners with additiv to launch new superapp Coop Finance+

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Alba Bank

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

Today

Paytm & Axis Bank to offer POS solutions to merchants

Read More

Today

Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024